Inc. Magazine,
a monthly publication with a circulation of 700,000, and written for people who run growing companies, recently published a list of “The Best Industries for Starting a Business Right Now.” Among that list was the self-storage business. Here’s what they had to say:
The subprime mortgage crisis wasn’t so hard on the storage business.
After a period of slowed growth during the U.S. housing crisis, self-storage has bounced back – largely because it was already better insulated against economic forces than the housing market. According to IBISWorld, revenue growth in 2009 was expected to be 2.5 percent. And expected annual industry revenue increase growth in the next four years will be 3.3 percent.
The subprime mortgage crisis caused a wave of foreclosures, meaning families needed places in which to store their possessions. The $22 billion industry has a remarkably low barrier to entry, with 90 percent of self-storage companies owned by small business entrepreneurs.